Common use of FIDUCIARY RESPONSIBILITIES Clause in Contracts

FIDUCIARY RESPONSIBILITIES. The Trustee shall be a fiduciary within the meaning of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) with respect to the Trust and to those assets of a Participating Plan invested in the Trust. All fiduciaries with respect to the Trust shall discharge their duties with respect to the Trust solely in the interests of participants and beneficiaries of the Participating Plans and for the exclusive purpose of providing benefits under the Participating Plans and defraying reasonable expenses of administration of the Participating Plans and this Trust, with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims.

FIDUCIARY RESPONSIBILITIES. The Trustee shall be a fiduciary [within the meaning of the Employee Retirement Income Security Act of 1974, as amended (“"ERISA”) ")] with respect to the Trust and to those assets of a Participating Plan invested in the Trust. All fiduciaries with respect to the Trust shall discharge their duties with respect to the Trust solely in the interests of participants and beneficiaries of the Participating Plans and for the exclusive purpose of providing benefits under the Participating Plans and defraying reasonable expenses of administration of the Participating Plans and this Trust, with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims.